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Solid-State Batteries: Global Market Insights for 2024
Solid State Battery Market Segments
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According to The Business Research Company's, The solid state battery market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. The growth in the historic period can be attributed to emerging markets growth, increasing demand for consumer electronics and rise in disposable income.
The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, growing demand for electric vehicles (evs), growing research and development (r&d) activities . Major trends in the forecast period include innovative polymer materials to improve solid electrolytes, growing investments to meet rising solid-state battery technology demand, advanced battery packs for aviation app development of all-silicon solid-state batteries and strategic partnerships to improve product portfolio.
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Market Drivers and Trends:
The rising adoption of electric vehicles is expected to drive the growth of the solid-state battery market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. This shift toward EVs helps with economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the rising adoption of electric vehicles will drive the solid-state battery market.
Technological advancement is a key trend gaining popularity in the solid-state battery market. Major companies operating in the solid-state battery market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation solid-state battery technologies into their products, such as electrochemical, electrolytes, Li-ion batteries, cathode, anode, and others, to make the solid-state battery cheaper and lighter. For instance, in September 2021, LG Energy Solution and the University of California, San Diego researchers created a new type of battery that combines two technology techniques. The battery is an all-silicon solid-state battery because it contains a solid-state electrolyte and an all-silicon anode.
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Major Key Players of the Market:
Thales Group, Honeywell International Inc, L3Harris Technologies, Inc., Viasat, Inc., Cobham Limited, Gilat Satellite Networks Ltd., Baylin Technologies, Al Yah Satellite Communication Company PJSC, KVH Industries, Inc., Iridium Communications Inc., Jio Satellite Communications Ltd, One Space Tech, Land Space Technology Corporation Ltd, Laser Fleet, Hughes Communications India Ltd, China Satellite Communications Co Ltd, AAC Clyde Space, Alba Orbital, Apogeo Space, Argotec, Exobotics, Exodus Orbitals, Cessna, Telespazio SpA, Lockheed Martin Corporation, Raytheon, JSC Information Satellite Systems Reshetnev, Russian Satellite Communications Company, Surrey Satellite Technology Ltd, GomSpace Group AB, EnduroSat, Sputnix, Telesat, Intelsat, General Dynamics, EchoStar, Spire, TerreStar Solutions Inc, Ciel Satellite Group, Andesat
Solid State Battery Market 2024 Key Insights:
• The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%.
• Surging Adoption Of Electric Vehicles Fuels Growth In The Solid-State Battery Market
• Advancing Technologies Propel Growth In The Solid-State Battery Market
• Asia-Pacific was the largest region in the solid state battery market in 2023
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